Michigan

Broder & Sachse to Move Office to Downtown Detroit

by Kristin Harlow March 2, 2018

DETROIT — Broder & Sachse Real Estate has unveiled plans to relocate its office from Birmingham, Mich., to downtown Detroit. The 6,000-square-foot space is located on the third floor of the Arts League Building at 1528 Woodward Ave. The office will be home to the real estate development company’s acquisition, development and property management teams beginning on Monday, March 5. Broder & Sachse has recently developed mixed-use properties in downtown Detroit, including The Scott at Brush Park, The Albert-Capitol Park, The Hamilton Midtown Detroit and Orchestra Place.

March 2, 2018

Michigan Midwest Restaurant Retail

Galley Group to Open Food Hall at Federal Reserve Building in Detroit

by Kristin Harlow March 2, 2018

DETROIT — Galley Group has unveiled plans to open a food hall in the Federal Reserve Building, owned by Bedrock and located in downtown Detroit. The 8,646-square-foot space will feature an open floor plan with four kitchen spaces and a centralized full bar. Completion is slated for this fall. Applications are now open for chefs to submit their restaurant ideas and vie for a kitchen space. Galley Group is also opening a location in Cleveland this year following its two food halls in Pittsburgh.

March 2, 2018

Michigan Midwest Retail

Redline Athletics to Open Youth Training Center in Dexter, Michigan

by Kristin Harlow February 27, 2018

DEXTER, MICH. — Redline Athletics has signed a 10,581-square-foot retail lease in Dexter, about 10 miles northwest of Ann Arbor. The youth athletic training center for ages 8-18 will occupy the currently vacant space at 7007-7093 Dexter Ann Arbor Road. This will be the second metro Detroit location for the company, following Farmington Hills. Ben Hubert and Benji Rosenzweig of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed.

February 27, 2018

Industrial Michigan Midwest

Signature Associates Arranges Sale of 29,991 SF Industrial Building in Suburban Detroit

by Kristin Harlow February 21, 2018

MADISON HEIGHTS, MICH. — Signature Associates has arranged the sale of a 29,991-square-foot industrial building in Madison Heights, a northern suburb of Detroit, for an undisclosed price. The property is located at 29370 Stephenson Highway. ZMS Holdings Inc. sold the property to 55 Investments LLC. Paul Hoge of Signature Associates represented the seller.

February 21, 2018

Michigan Midwest Seniors Housing

Pathway to Living Acquires 81-Unit Seniors Housing Community in Kentwood, Michigan

by Kristin Harlow February 20, 2018

KENTWOOD, MICH. — Pathway to Living has acquired the former Elmcroft of Kentwood, an 81-unit seniors housing community in West Michigan. The property is located at 4352 Breton Road Southeast, about nine miles southeast of Grand Rapids. Elmcroft Senior Living was the seller. The purchase price was not disclosed. Pathway to Living will manage the 54,387-square-foot property and rename it Azpira Place of Breton. The company also plans to upgrade interiors, add additional wellness-focused spaces and reconfigure select units. When the work is complete, the property will feature 69 assisted living residences and 12 memory care residences.

February 20, 2018

Industrial Michigan Midwest

Signature Associates Arranges Sale of 93,219 SF Industrial Building in Taylor, Michigan

by Kristin Harlow February 19, 2018

TAYLOR, MICH. — Signature Associates has arranged the sale of a 93,219-square-foot industrial building in Taylor, about 20 miles southwest of Detroit. The sales price was not disclosed. The property is located at 27000 Wick Road. Steve Gordon of Signature Associates represented the buyer, SCVR Holdings LLC. Brad Viergever, also of Signature Associates, represented the seller, MacLean Enterprises LLC.

February 19, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $72.5M Refinancing for Three Multifamily Properties in Michigan

by Kristin Harlow February 14, 2018

CANTON TOWNSHIP, COMMERCE TOWNSHIP AND NOVI, MICH. — Greystone has provided $72.5 million in Fannie Mae loans for the refinancing of three multifamily properties in Michigan. Fred Levine of Greystone originated the loans on behalf of the borrower, Singh Development Co. Each of the 10-year loans features a 30-year amortization schedule. The properties include Turnbury Park in Canton Township, Brownstones in Novi and Briarcliff Village in Commerce Township. The Class A properties include a range of one-, two- and three-bedroom units.

February 14, 2018

Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 33,092 SF Office Building in Troy, Michigan

by Kristin Harlow February 14, 2018

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Tech Arts Office building in Troy. Although the final sales price was not disclosed, the asking price was reportedly $3.6 million. Built in 1986, the 33,092-square-foot property is located at 165 Kirts Blvd. The office building was 86 percent leased at the time of sale. Mason L. Capitani represented the seller, Tech Arts LLC. Jason E. Capitani represented the buyer, Office Ventures Troy I LLC. L. Mason Capitani CORFAC International will continue to oversee leasing at the property, while its affiliate company, Liberty Property & Asset Management, will coordinate all property management services moving forward.

February 14, 2018

Loans Michigan Midwest Multifamily

Love Funding Provides $20.2M Construction Loan for Multifamily Property in Suburban Detroit

by Kristin Harlow February 13, 2018

INDEPENDENCE TOWNSHIP, MICH. — Love Funding has provided a $20.2 million HUD loan for the construction and permanent financing of Encore at Deerhill in Independence Township. The 92-unit multifamily property will be located near the northern Detroit suburb of Clarkston. The two-bedroom units will include attached garages. Bruce Gerhart and David Strachan of Love Funding originated the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Fairview Construction Inc. is developing the property. KMG Prestige Inc. will manage the property. A timeline for completion was not disclosed.

February 13, 2018

Michigan Midwest Office

Bedrock to Redevelop Former Detroit Police Department Headquarters

by Kristin Harlow February 9, 2018

DETROIT — Bedrock, in partnership with Pike Pointe Holdings LLC, has unveiled plans to redevelop 1300 Beaubien in Detroit’s Greektown neighborhood. The 240,000-square-foot building formerly served as the headquarters of the Detroit Police Department. The partnership plans to preserve the historic nature of the building, which dates back to 1921. The property has been vacant since the police department moved into its new headquarters in 2013. A development timeline has yet to be finalized.

February 9, 2018

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